Business News: Standard agrees £217M settlement

BRITISH banking giant Standard Chartered has agreed a $340 million (£217 million) settlement with New York regulators over allegations that it hid $250 billion (£160 billion) of transactions with the Iranian government.

BRITISH banking giant Standard Chartered has agreed a $340 million (£217 million) settlement with New York regulators over allegations that it hid $250 billion (£160 billion) of transactions with the Iranian government.

The 160-year-old bank saw £6 billion wiped from its value amid claims it exposed the U.S. to terrorists, drug kingpins and weapon dealers.

The bank was accused by the New York State Department of Financial Services of keeping around 60,000 transactions secret from US regulators over 10 years.

The regulator’s superintendent said a monitor would be installed at the bank for at least two years to evaluate money-laundering controls at its New York branch.